Debt Free Money: The Path Back To American Independence

“I sincerely believe that banking institutions are more dangerous than standing armies; and that the principle of spending money to be paid by posterity… is but swindling futurity on a large scale.“ – Thomas Jefferson Letter to John Taylor (28 May 1816)

Since the founding of this nation a fierce battle has been waged for control of its money. One of the most heated debates in the Continental Congress was over the establishment of a private central bank. Patriots like Benjamin Franklin and Thomas Jefferson found themselves at odds with men like our first Secretary of the Treasury, Alexander Hamilton, who strongly advocated a private central bank charted by the newly founded United States government.
In 1791 the bankers got their way and the first of a series of privately run central banks were charted by Congress. Each of these met with failure and in 1828 newly elected President Andrew Jackson recognized the danger that his predecessor Thomas Jefferson had foreseen and began to dismantle the central banking system. When the bankers utilized their control of the money supply to cause a depression in response to President Jackson’s efforts, Old Hickory declared, “You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out..” And so he did; the people were given back the power to control their money.

The country prospered under this system until the Coinage Act of 1873, also known as the Crime of ’73. This act demonetized silver and set gold as the standard for currency. This folly is a great lesson to those those who advocate the return to a gold standard as a solution to our current monetary problems. This once again limited the availability of currency for trade which benefited the rich, caused unemployment, and began what is known as the “Long Depression”. The bankers, having wreaked havoc on the U.S. Economy, were now poised for their next attempt to seize control of America’s money.

In 1913, despite our long history of failure with private central banking, the Federal Reserve Bank was chartered by President Woodrow Wilson via the Federal Reserve Act. This put the issuance of U.S. Currency directly into the hands of private bankers. Since then, every U.S. Dollar that is printed has interest bearing debt attached to it that we must pay back through taxation. It is no surprise that in that same year the IRS was created to collect on this interest that we now owe to the private Federal Reserve for loaning us money secured by national debt.

The way our current banking system works is called “fractional reserve banking”. This system allows banks to buy U.S. Treasury Bonds(debt) and lend out more money than they have by obtaining it from the Federal Reserve. Because our money is created by debt this means that every dollar printed will be worth less than the one before. Banks have the ability to control the U.S. Economy through inflation and deflation by manipulating the money supply. These decisions to inflate and deflate our dollar are made by private interests with no accountability to our elected officials; we the people have no say and are at the mercy of whoever controls the private Federal Reserve Bank.

When this system falters like it did in 2008 the banks simply print more money further increasing the national debt and restrict lending to control the amount of currency available to the general public. This causes unemployment and economic depression. Those burdened by debt when this happens lose their property to the banks at a fraction of its value. In other words, they are too big to fail…but you and I are not.

So how do we correct this problem and put the power back into the hands of the people? Well, its quite simple. We follow the example of President Andrew Jackson and rout out these thieves. We abolish the Federal Reserve and allow Congress to issue our money, debt free, and spend it directly into circulation taking control of our own currency which will allow the wealth of this nation to be aggregated equally among the people, not into the hands of the few.

Any form of money is controlled by someone. Using the gold standard will only benefit the rich. Private central banking benefits the bankers. The value of money is determined by its quantity. In a democratic society, that quantity should be controlled by the people through their elected representatives. We the people should be the only thing in this country “too big to fail”.

5 Responses to Debt Free Money: The Path Back To American Independence

I think at present the best course of action would be to replace the Governors of the Federal Reserve System with the actual governors of each of the 50 states. A 2/3’s vote should be required to make any changes to the money supply, interest rates or extend any credit to the Federal Government.

In addition the amount of debt that is owed by the US Treasury to the Federal Reserve should be written off. This write off should be balanced by the proportionate write off of the interest portion of private debt to individuals as well as a reduction in the money supply. Individual with debt will get relief and individuals without debt will see an appreciation in the value of their cash savings. Foreign debt should be paid back as well with fiat money, which of course is worthless unless spent in the United States, which will help our international business.

There should be a restrictions placed on certain exports. In general, it is good to export garbage that Hollywood plus food and other goods that we have in abundance but bad to export natural resources like steel, oil, wood and other things that are depletable and not easily replaceable. This is one of the many things the GDP does not take into account… not all business is good. In general you want to sell your junk, not your valuable assets.

I agree with Tim on this. The system we have today is criminal. Requiring full reserve and ending federal debt would be a great benefit to our nation.

Most folks view national debt as being the budget deficit. Most don’t realize that every single dollar in circulation is created by debt, in borrowing from the Federal Reserve (a private bank).

Bills recommendation, to nationalize the Fed by placing state governors on its board of directors, is what Marx proposed (I believe… I’m not well read on it). A central bank was one of the 10 points of the Communist Manifesto, differing from the old Federalist initiatives in that “the People” would control it.

No, I agree with the fiat system supported by Ben Franklin, Thomas Jefferson and Lincoln. Please folks, check out that video that Tim posted here (the Secret of Oz). It’s the most important issue facing our country today.

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